20 January 2022, USD/JPY
Technical observation
On the daily chart above, price is trading with an increasing bearish bias below the resistance zone 115.62-115.42 and the supportive level 112.73 with an increasing bullish bias, however, my expectation is a loss of this bullish movement followed by a correction to the level 112.73 and a rejection at it to pick long positions with my take profit at the level 115.42 and stop loss at 111.19. In case USD breaks below the key level 112.73 with a big red candle, bearish movements can be expected after a correction to the broken zone. The key levels to look for on your ways downwards include 108.53 and the lower supportive level 104.54.
Trade recommendation
Remain flat.
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